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July 07, 2016 at 01:52 AM
Pacific Investment Management Co., which manages $1.5 trillion, hired Gene Frieda as global strategist for emerging markets and Yacov Arnopolin as emerging market portfolio manager.
Frieda and Arnopolin will be based in London, according to a statement Wednesday from the Newport Beach, California-based firm. Frieda joins PIMCO from Moore Capital Management, where he was partner and senior global strategist. Arnopolin worked at Goldman Sachs Asset Management in New York as a managing director and portfolio manager overseeing emerging market fixed-income portfolios.
Last year, PIMCO lost its title as manager of the world’s largest emerging-market bond fund. Assets in the PIMCO Emerging Local Bond Fund, which has been battered by ill-timed bets, have tumbled more than 70 percent from an April 2013 peak to $4.1 billion at the end of May.
This year the fund, which is managed by Michael Gomez and invests in local-currency bonds in developing nations, has gained 13.4 percent through May, compared with a 13.2 percent in JPMorgan Chase & Co.’s benchmark for emerging market bonds.
Frieda will work primarily with the emerging markets team and report to Andrew Balls, the London-based chief investment officer for global fixed income. Arnopolin will focus primarily on emerging markets external debt strategies and will report to Gomez, head of the emerging markets portfolio management team.
